OncoGenex Reports Third Quarter 2009 Financi...(eptember 30 2009 general and administrat...)

The net loss for the third quarter increased to $2.4 million from $4.6 million in income in 2008. For the nine months ended September 30, 2009 the net loss increased to $9.4 million from $0.8 million in income in 2008. The net income recognized in both 2008 periods was primarily due to the impact of an extraordinary gain on the reverse takeover of Sonus and a reversal of tax expense associated with the change in capital structure of OncoGenex Technologies, both non-cash items.

The third quarter and nine months ended September 30, 2008 also included $0.4 million and $2.0 million, respectively, in preferred share accretion, a non-cash item, which did not recur in the third quarter or nine months ended September 30, 2009, as subsequent to the reverse takeover there are no preferred shares outstanding.

The Company had $12.5 million in cash, cash equivalents and short-term investments as of September 30, 2009, compared to $12.4 million in cash, cash equivalents and short-term investments as of December 31, 2008.

The Company had 6,034,959 shares outstanding as of November 1, 2009. The Company believes that its cash, cash equivalents and short-term investments will be sufficient to fund its currently planned operations through at least the third quarter of 2010, including:

    -   completing partnering discussions related to OGX-011;
    -   completing follow-up monitoring visits related to completed phase 2
        clinical trials of OGX-011;
    -   completing follow-up monitoring visits related to the Phase 1
        clinical trial evaluating OGX-427 as a monotherapy in patients with
        solid tumors and continuing evaluation of OGX-427 in combination with
        docetaxe
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SOURCE  OncoGenex Pharmaceuticals, Inc.
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